The process of filing income tax returns has begun, but many salaried taxpayers are unable to file their returns due to not receiving Form 16. This form provides information about your income and the amount of tax deducted. Therefore, it becomes crucial for filing Income Tax Returns (ITR). Similarly, Form 16A and 27D are also…
Income Tax Return Filling is a crucial responsibility for every taxpayer. With the introduction of the new tax regime, taxpayers now have a choice between sticking to the old tax system or opting for the new one. Both tax regimes have their pros and cons, making it essential for taxpayers to understand the differences and…
Income tax slabs applicable to income earned from running a proprietorship business or via professional services are the same as the slabs applicable to other types of income example salary income but the slabs/rates are different for partnerships and companies. Income tax on salaried individual is charged as per the slab rate on the basis…
India’s income tax (IT) department has notified a new form, ITR-U, for taxpayers filing their updated tax returns. The move seeks to reduce lengthy adjudication timelines and use of resources for improper tax filing and is based on the self-assessment of taxpayers. What is the new ITR form? In the new form, ITR-U, the taxpayer…
If you are also a tax payer then this news is very important for you. The government has changed the rules for filing tax returns. Actually, the government has increased the scope of income tax filing to bring more people into the tax bracket. The Ministry of Finance has given this information. Finance Ministry issued…
Common people have high hopes from this budget for 2022. Actually, due to the creaking economy and rising inflation due to Corona havoc, people are in the hope that the government can give them relief in this budget. In this sequence, apart from giving a growth booster to the economy, there is a possibility of…